Bitcoin fell slightly again on Friday, with the price dipping below the $30,000 (Rs 2.46 lakh) mark. Bitcoin is currently worth $29,352 (roughly Rs 2.42 lakh), down 0.78 percent. In the past 24 hours, the BTC price has dropped by $215 (roughly Rs. 17,788). Although the U.S. Consumer Price Index (CPI) rose 0.2% in July, the price of Bitcoin was not significantly affected. The price of Bitcoin has been unable to break above $30,000 for more than three weeks.
Ether recorded losses on Friday as bitcoin tumbled. ETH is currently trading slightly down 0.57 percent at $1,843 (roughly Rs 1.52 lakh).
Most other popular cryptocurrencies are also in the red today.
These include stablecoins Tether, Ripple, USD Coin and Binance USD, as well as memecoins Dogecoin and Shiba Inu.
“With the exception of Solana, all other trades in the top 10 cryptocurrencies by market capitalization posted modest losses. The market as a whole appears to be resilient after the latest CPI data, which rose 0.2%, in line with market forecasts.
Over the past 24 hours, the overall valuation of the cryptocurrency market has fallen by 0.46%, with a market capitalization of $1.17 trillion (approximately Rs 96,82,428 crore). coin market cap.
The Crypto Fear and Greed Index dropped two points and is now in the neutral zone with a score of 51/100.
Only a handful of cryptocurrencies recorded small profits today.
These include Solana, Tron, Cartesi, Ardor, and Spell Token.
Many factors are brewing in the market environment, affecting the overall state of the crypto industry.
“Initial jobless claims rose to 248,000 last week, beating consensus forecasts for 230,000. While inflation remains well above the Fed’s desired 2 percent target, lower prices are expected to take some of the pressure off the Fed to keep raising rates . The Federal Reserve raised interest rates again by 25 basis points last month. For now, this should be the last,” the CoinDCX research team told Gadgets 360.
Cryptocurrency is an unregulated digital currency, not legal tender, and there are market risks. The information presented herein is not intended to and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any losses arising from any investment based on any perceived advice, forecast or any other information contained in the article.
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